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Are you in need of a Transfer of Equity with a Intelligent Finance mortgage? Failing to check that a lawyer is on the Intelligent Finance list of approved solicitors can put your transfer at risk of delay or failure. Only LenderPanel.com provides a subset of authorised conveyancers for over 130 lenders.

Common questions relating to Intelligent Finance transfer of equity

  • What is the process for having someone removed from the title documents to a property where the mortgage is with Intelligent Finance
  • My Intelligent Finance mortgage we jointly entered into with ex, he has agreed to be removed and put the house in my name alone. Intelligent Finance have consented to the transfer of equity to my individual name. Will Intelligent Finance contact my boss to verify my salary?
  • Is it sensible to cancel the direct debit for my mortgage with Intelligent Finance once a date for my remortgage and transfer of equity has been agreed?
  • I purchased a flat with a friend six years ago Since purchasing the property, we have both got married. We are now seeking to do a transfer of equity so my name comes off the Intelligent Finance mortgage. There is a 40k difference between the value the mortgage company hold and what the property would sell for currently. Can you offer any advice?
  • Last year purchased a flat without my fiance’s name on the title. My conveyancing solicitor said it is due to the fact that she was not in the mortgage with Intelligent Finance. Is it possible for me to add her name on the deeds?
  • Is it possible to apply to borrow more money from Intelligent Finance as part of a Transfer of Equity?
  • My decree absolute is through as is the consent order. Now I have to sort out the transfer of equity at the HMLR and the Intelligent Finance home loan. I have called Intelligent Finance for the transfer of equity application. What happens next?

Sample of questions in a conveyancer questionnaire relating to Intelligent Finance Transfer of Equity

Please let us know of you wish us to draw up a Declaration of Trust. If so are you happy to pay for the further fee (beyond the Transfer of Equity fee)?

Where you are adding a person on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Form.

Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Please give the details of anyone to be added to the title deeds?

Please give the details of those who jointly own the property with you?

Caveats to be read in supplemental the above Intelligent Finance transfer of equity information :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, provisions in the lease may require that you have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the valuation of the property at the conclusion of the transfer of equity transaction.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your conveyancer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on this webpage is for general information and only applies to England and Wales. It should not be regarded as advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity